Amazon.com Inc’s chief financial officer on Thursday said costs for its one-day shipping program will spike to around $1.5 billion during the holiday season as the online retailer speeds up free delivery to woo shoppers and fend off rivals like Walmart Inc and Target Corp.
Amazon’s fourth-quarter cost for one-day shipping will be nearly double the $800 million the company spent during the second quarter, Chief Financial Officer Brian Olsavsky said on a call with reporters. Carriers like United Parcel Service Inc charge more for faster delivery, but that is only one component of the cost increase at Amazon, which ships around 10 billion packages per year. Logistics experts, who noted that volumes surge during the holiday season, took Amazon’s shipping cost forecast in stride. …read more […]
The United States on Thursday temporarily blocked a creditor seizure of Citgo, a win for political leaders in Venezuela struggling to retain control over the U.S. refiner owned by the chaotic South American nation.
Luxury retailer Barneys New York Inc is close to being sold to licensing firm Authentic Brands Group LLC after a competing bid from a trade show executive failed to qualify for a bankruptcy auction, people familiar with the matter said on Thursday.
(This October 23 story corrects paragraph 8; Westinghouse owned by Brookfield Business Partners, not Toshiba Corp as erroneously reported)
Three major U.S. retailers, including Walmart, are removing all 22-ounce bottles of Johnson & Johnson’s baby powder from their stores, following the healthcare conglomerate’s recall last week of some bottles due to possible asbestos contamination.
The S&P 500 and the Nasdaq rose on Thursday following strong quarterly reports from several technology companies, including Microsoft Corp , but dour results from 3M Co stymied the Dow Jones Industrial Average.
Albemarle Corp , the world’s largest lithium producer, on Thursday cut its sales and profit forecasts for the year, hit by a continued slump in prices for the white metal, sending its shares down nearly 7% in extended trading.
Demand for lithium, a key component of batteries used in cell phones, electric vehicles and other consumer goods, is widely expected to spike by 2025. Albemarle also trimmed its 2019 net sales forecast range to $3.6 billion to $3.7 billion, from $3.65 billion to $3.85 billion. The company also reported preliminary third quarter adjusted profit of $1.53 per share hit by weakness in its lithium unit, which offset results from its bromine and catalysts units. …read more […]
Albemarle Corp, the world’s largest lithium producer, on Thursday cut its sales and profit forecasts for the year, hit by a continued slump in prices for the white metal, sending its shares down nearly 7% in extended trading. Demand for lithium, a key component of batteries used in cell phones, electric vehicles and other consumer goods, is widely expected to spike by 2025. Albemarle also trimmed its 2019 net sales forecast range to $3.6 billion to $3.7 billion, from $3.65 billion to $3.85 billion. …read more […]
The Federal Trade Commission staff reviewing Roche’s plan to buy U.S.-based gene therapy specialist Spark Therapeutics for $4.3 billion recommended that the deal be approved without requiring any asset sales, the Capitol Forum reported on Thursday.
The Federal Trade Commission staff reviewing Roche’s plan to buy U.S.-based gene therapy specialist Spark Therapeutics for $4.3 billion recommended that the deal be approved without requiring any asset sales, the Capitol Forum reported on Thursday. Basel-based Roche, the biggest maker of cancer drugs, said in February that it would buy the U.S. company, acquiring a portfolio that includes a blindness treatment that has U.S. and European approval and other projects for neurodegenerative disorders like Huntington’s disease. One of its projects is a gene therapy treatment for hemophilia. …read more […]
Amazon.com Inc on Thursday forecast revenue and profit for the holiday quarter below expectations, as it faces fierce competition and rising costs from its plan to speed up delivery times globally.
Massachusetts sued Exxon Mobil Corp on Thursday, accusing the oil giant of misleading investors and consumers for decades about the role fossil fuels play in climate change.
CVS Health Corp and Rite Aid Corp are removing all 22-ounce bottles of Johnson & Johnson’s baby powder from their stores, following the healthcare conglomerate’s recall last week of some bottles due to possible asbestos contamination.
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